Airline Component Services Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 05596134 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st March 2016

for

AIRLINE COMPONENT SERVICES LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

G J Higgins

REGISTERED OFFICE:

Arbor House

Broadway North

Walsall

West Midlands

WS1 2AN

REGISTERED NUMBER:

05596134 (England and Wales)

ACCOUNTANTS:

Bakers

(The practising name of

Baker (Midlands) Limited)

Arbor House

Broadway North

Walsall

WS1 2AN

FIXED ASSETS

Tangible assets

2

61,135

80,189

Investments

3

76

76

61,211

80,265

CURRENT ASSETS

Stocks

211,233

270,354

Debtors

680,547

529,318

Cash at bank

225,238

101,741

1,117,018

901,413

CREDITORS

Amounts falling due within one year

4

791,755

391,134

NET CURRENT ASSETS

325,263

510,279

TOTAL ASSETS LESS CURRENT LIABILITIES

386,474

590,544

CREDITORS

Amounts falling due after more than one year

4

-

(474,526

)

PROVISIONS FOR LIABILITIES

(1,450

)

(4,300

)

NET ASSETS

385,024

111,718

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

385,022

111,716

SHAREHOLDERS' FUNDS

385,024

111,718

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27th September 2016 and were signed by:

G J Higgins - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Preparation of consolidated financial statements

The financial statements contain information about Airline Component Services Ltd as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the

option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

135,569

Additions

1,183

At 31st March 2016

136,752

DEPRECIATION

At 1st April 2015

55,380

Charge for year

20,237

At 31st March 2016

75,617

NET BOOK VALUE

At 31st March 2016

61,135

At 31st March 2015

80,189

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1st April 2015

and 31st March 2016

76

NET BOOK VALUE

At 31st March 2016

76

At 31st March 2015

76

The company's investments at the Balance Sheet date in the share capital of companies include the following:

ACS Aviation Industries Ltd

Nature of business: servicing of airline parts

%

Class of shares:

holding

A ordinary shares

59.40

2016

2015

£

£

Aggregate capital and reserves

250,389

(143,496

)

Profit/(loss) for the year/period

393,885

(143,624

)

4.

CREDITORS

Creditors include an amount of £ 435,762 for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

ordinary

£1

2

2